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BANK OF AMERICA Short-term buy signal.Last time we gave a signal on the Bank of America Corporation (BAC), was exactly a year ago (October 11 2023, see chart below), with the stock giving us a highly profitable buy trade, hitting the $44.00 long-term Target: This time our focus is on the shorter term 1D time-frame where the stock is forming a Bullish Megaphone similar to the one in January - March 2024. Currently the price is pulling back (blue circle) and the symmetric pattern of mid March 2024 suggests that it should now rebound towards the 2.0 Fibonacci extension. As a result, we are turning bullish mid-session, targeting $44.00 (above Fib 2.0 and below Resistance 1). ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYSE:BACLong
by TradingShot
Bank of America Stock Surge on Q3 Earnings BeatBank of America (NYSE: NYSE:BAC ) delivered impressive third-quarter results, showcasing its resilience amid a challenging economic landscape. The bank reported $25.34 billion in revenue, slightly up from $25.17 billion a year earlier and above the analysts' consensus projection of $25.28 billion. Although profit fell to $6.90 billion ($0.81 per share) from $7.8 billion ($0.90 per share) last year, this was still better than the expected drop to $6.45 billion** or $0.75 per share. Key Financial Highlights: - Net Interest Income (NII) was reported at $13.97 billion, down from $14.38 billion a year ago but exceeding the expectation of $13.85 billion. - The bank's trading revenue saw a significant uptick, with fixed income trading revenue rising 8% to $2.9 billion and equities trading jumping 18% to $2 billion. These results come on the heels of similar positive reports from rivals like JPMorgan Chase and Wells Fargo, highlighting a robust start to the big bank earnings season. This broader positive sentiment in the banking sector is likely contributing to a favorable outlook for Bank of America. Technical Analysis As of the time of writing, NYSE:BAC shares are up 1.62%, signaling a bullish trend. The stock has recently rebounded from a consolidation zone, gathering momentum for further upward movement. A key indicator of this bullish sentiment is the Relative Strength Index (RSI), currently hovering around 71, indicating that the stock is entering overbought territory. The stock's performance is further supported by its trading above key moving averages, which traditionally signals a strong bullish trend. Analysts note that this upward momentum, combined with the bank's robust earnings, positions Bank of America (NYSE: NYSE:BAC ) favorably for potential further gains, especially as NII shows signs of recovery. Investment Implications: The current trajectory suggests that Bank of America (NYSE: NYSE:BAC ) is turning a corner in terms of NII, as indicated by analysts like Wells Fargo's Mike Mayo. With the Federal Reserve having recently cut interest rates, analysts believe this should help improve bank earnings moving forward, as lower deposit costs may enhance profitability. Additionally, with a provision for credit losses reported at $1.5 billion, slightly under the estimated $1.57 billion, the bank appears to be managing its risks effectively, further instilling confidence in investors. Conclusion Bank of America's latest earnings report reflects a strong performance amid a dynamic banking environment. The combination of better-than-expected trading results, a recovery in NII, and robust investor sentiment positions NYSE:BAC as a compelling investment opportunity. As the bank continues to navigate the evolving landscape of interest rates and economic conditions, investors may want to keep a close watch on its performance in the upcoming quarters.
NYSE:BACLong
by DEXWireNews
SOFI LONG: SYMMETRICAL TRAINGLE BREAKOUT! 80% MOVE INBOUND! NASDAQ:SOFI LONG: SYMMETRICAL TRAINGLE BREAKOUT! 80% MOVE INBOUND! Everything is FINALLY looking on track for NASDAQ:SOFI stock! See analysis below and my Symmetrical Triangle Breakout trade details at the bottom of the post! Not Financial Advice. STOCHASTIC UPTREND MACD UPTREND & BREAKOUT OVER ZERO LINE RSI UPTREND STOCK PRICE UPTREND SYMMETRICAL TRIANGLE BREAKOUT - MEASURED TRIANGLE: 727 BARS - BREAKOUT MOVE 727 BARS HIGHER (86.87%) $15.63 - TAKE PROFITS: TOP OF THE TRIANGLE (39.78%) $11.70 - STOP-LOSS BELOW MA's AND VOLUME SHELF 2.5 RISK TO REWARD (15.89%) $7.04
NASDAQ:SOFILong
by RonnieV29
5
JP MORGAN to rise at least +14% on this rally.We haven't looked into JP Morgan Chase (JPM) in almost 6 months (March 25, see chart below) and the excellent sell signal it gave us: That was right at the top of its 2-year Channel Up. Right now we have the price rebounding an pricing a Higher Low on a shorter-term Channel Up since the March 25 High. Being still below its 1D MA50 (blue trend-line), gives time for an early buy. The minimum % of a Bullish Leg within this Channel Up has been +14.07% so our Target is at $229.00 accordingly. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYSE:JPMLong
by TradingShot
$KRE massive H&S top?Thanks to @TORNADOF5 for reminding me about this. A friend sent me a tweet last night about how banks are levered up on debt and that prompted me to look at the chart of KRE. As you might remember, AMEX:KRE was one of the worst performing ETFs at the beginning of this year with the failure of a ton of local banks. But since earlier this year, I haven't heard much talk about banks being in trouble. Well I pulled up the chart, I was surprised to see a massive H&S top forming. If price breaks $37-38, then I could see a big move down. The first target would be $29 and if price gets under that, it could get really bad. Could see price making it all the way to the lower support levels. Let's keep an eye on this because it'll be a great trade should it play out.
AMEX:KREShort
by benjihyam
3
Big Citibank Opportunity Citibank Opportunity - NYSE:C Company Market Cap: $82.2 billion Share Price Today: $42.68 Dividend: 0.53c per quarter (Annual Dividend of c.$2.06) Annual Dividend Yield: 4.82% Next Earnings Report: Friday 13th October 2023 Citibank (Citigroup) is the 20th largest bank in the world & a member of Global Systemically Important Financial Institutions (G-SIFIs) meaning it has stricter prudential regulation such as higher capital requirements and extra surcharges and more stringent stress tests. under the scheme deposits can be 100% guaranteed in the event of a crisis, which is not the case for smaller banks that are not considered systemically important. This additional security can add weight to a longer term hold for Citibank combined with a good 4.82% dividend yield. Citibank has recently been in the headlines with negative news for completing a management re-org with substantial lay-offs. Whilst the news is interpreted as negative, the chart appears to reaching a point of exhaustion after 31 months of downward price pressure and a roughly 50% reduction in price from $81 down to $42. We may be forming a 3rd higher price cluster or price launch pad here at $42. Earnings release is in a 4 and half weeks on 13thOctober and after 13 quarters of positive earnings the trend is green. Its worth noting that upon earnings release, the price can capitulate or ascend aggressively (historically this has been the way), this is why it is important to be placing bids or positions well in advance of the release (now) and on the day of the release we should be nimble and on our toes to capitalize or reduce risk with stop losses. Obviously for long term position players this is not all that important, we have our long term target and stop loss on the chart. There is a long term trade opportunity with a stop loss at BASE 2 at $34.37. As you can see the trade has a Risk/Reward of 4:1. People who want to play it even safer could wait for a bounce off BASE 2 but for me a retracement this low could mean lower price momentum and a break of the RSI resistance. This is why I am inclined to take a position now off this base well in advance of the earnings release. This is not my typical style of trade however I could not pass up the chart given the mid-term 31 month 50% reduction and exhaustion in price combined with the higher bases on the longer term trajectory, and to be honest the negative news really got me the contrarian in me rustled. If you look hard enough you can see a potential long term ascending triangle forming out into the 5 year time horizon. As a cherry to the trade, the dividend yield is considerably high at 4.82% for a systemically important institution – to big to fail. In Summary - Citigroup is one of the top 20 banks in the world and is considered systemically important. - Citigroup share price has been declining 31 months with an approx. 50% reduction in price. - Three Price Bases establishing higher lows are reinforced by a rising RSI support line. - To fully take advantage of the earnings release on 13th October 2023 positions need to be placed now as the stock is extremely volatile on the day of release. - If the RSI support line fails to hold this could be a warning signal of a break down into STRONG SUPPORT ZONE (Red). - The dividend yield is considerably high at 4.82% for a systemically important institution offering a little incentive for a longer term hold.
Editors' picks
NYSE:CLong
by PukaCharts
21
Bullish potential detected for WFCNYSE:WFC represents a potential bullish opportunity should momentum continue and newer highs be made. Entry condition: (i) breach of the upper confines of the Darvas box formation - i.e.: above high of $61.76 of 23rd April. Stop loss for the trade (based upon the Darvas box formation) would be: (i) below the support level from the low of 3rd May (i.e.: below $59.12) - most conservative exit, or (ii) below congestion area composed of volume profile zone and rising 10 day moving average (i.e.: below $60 area).
NYSE:WFCLong
by Ivory_Wolf
BAC setting up to thrive from rate - cuts LONGBAC is showed here on a 100R(ange) where price action from the Covid lows to the federal stimulus highs to the fade and consolidation of Summer 2022 to Summer 2023 and another fade and reversal from it are seen on the chart. At presen, BAC has reversed upside. With Uncles Powell and Sam announcing likely three rate cuts in 24Q3 and 24Q4, I see banks including BAC getting a break with more loan originations and less pressure for high payouts on savings accounts which may be the capital sources of those loans. I see this a an opportunity here and now to take long positions before those hypothetical cuts get baked into the price. The same may go for WFC, JPM, GS and others. My first target is 44 at the " neckline" of the 3,4Q21 triple top.
NYSE:BACLong
by AwesomeAvani
NYCB Community Bank falls to support and rises LONGOn the 15 minute chart the price action reflects the rough time that NYCB has had. Apparently it had a good rally to finish the week due to reports of floods of new deposits . Down the road it may be a problem if premium interest is being paid on the deposits. In the meanwhile, I see NYCB as taking back half of the trend down and floating up gradually into the range of 7 or about 60% upside. This will be a volatile and risky trade but with good upside. I will set a 8% or ATR x 2 stop loss yielding a Reward to risk of about 7.
NLong
by AwesomeAvani
$RY out of correction?A good earning report can pop the price of TSX:RY to the upper channel line. 3 reasons why? 1. A decisive move about the parallel channels line will signal the end of the correction marked by me on the chart as the abc correction. 2. But if the report is negative or more precisely the market view of the report is negative we could stay in the correction for longer. 3. MACD histogram is positive. That's a stock that I will watch closely. What do you think? Bull or bear here? Legal Disclaimer: The information presented in this analysis is solely for informational and educational purposes only and does not serve as financial advice.
NYSE:RYLong
by WavesInvesting
BNGA: Banking's Bullish Outlook May PersistsHi Fellow Traders! The current trend indicates a bullish continuation pattern , characterized by the price making new highs and new lows. Following this, there is a significant breakout from the falling wedge pattern, accompanied by substantial trading volumes and the appearance of a bullish marubozu candlestick. Additionally, the Stochastic has also formed a golden cross in the oversold area, indicating the potential for an upward movement in BNGA. Through a comprehensive analysis of these technical factors, it is reasonable to conclude that BNGA is well-positioned to sustain its upward momentum and advance toward the target area. It is essential to note that the analysis will no longer hold validity once the target/support area is reached. Please support the channel by engaging with the content, using the rocket button, and sharing your opinions in the comments below! Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered as a recommendation to take a long or short position on IDX:BNGA ."
IDX:BNGALong
by financialfreedomgoals101
NASDAQ BANK INDEX ready to reverse ? LONGBANK is tracking bank stocks within the NASDAQ. I cannot find if it is market cap weighted or instead an unweighted composite I wanted to check this out to see if the banking sector might reverse and perhaps have some trade candidates based on relative strength or even rising trading volumes. On the 15 chart, BANK's price is in a descending channel or wedge. It is too early to tell if it is breaking out although it is sandwiched between the SMA10 and SMA20 as so in limbo at least of this time frame. The MACD indicator shows downgoing lines that had crossed one another above the histogram. This appears to be a bearish divergence. The mass index shows no signs of a rise into the threshold and trigger zone as it did on January 31st. Overall, I conclude that the price is still in the channel and not yet an early breakout. I will recheck this at intervals. Once a breakout is confirmed and even retested, I will find some relatively strong bank stocks from which to pick a long trade at a low pivot for a safe high return from the upside shown.
BLong
by AwesomeAvani
1
ZIONS bank cresting the top of a ascending wedge.Things aren't looking good for the banks, and ZION (Zion's Bank) missed on its recent earnings expectations. It's now nearing the top of an ascending wedge, and as many traders know, this can be a really bad sign for any stock, and could be indicating a coming trend reversal. Watch the levels on the chart with the dashed white trend lines to help predict future moves. If the lower ascending wedge line is broken, and one full candle closes below it, it may be the sign the the shorts have been looking/waiting for to enter a medium term short position. I do not own this stock, nor am I trading any options, or by any other method, this is just simply me taking a look at the charts, and I noticed this pattern. Happy trading, and always use a stop.
NASDAQ:ZION
by MetaShackle
📈 CITIGROUP GETS UP TO RECOVER, BREAKS THROUGH MULTI WEEK HIGHSCitigroup stocks hit highest since March 2022, last up 5% as brokerage Morgan Stanley upgrades NYSE:C to "overweight" from "underweight", as well as NYSE:BAC and NYSE:GS to "overweight" from "equal-weight". Brokerage sees a rebound in capital markets amid growing signs of an imminent rebound in dealmaking. Also expects regulators to ease the Basel III Endgame proposals, a set of rules that will make capital requirements stricter for banks, which have been one of the flashpoints in the industry for months. Brokerage says the proposals could be eased to be more aligned with Europe so that European banks do not have an unfair advantage. Any easing of the draft rules will open the door for a significant increase in stock buybacks, as large-cap banks sit on the highest excess capital levels ever - NYSE:MS . The main technical graph says that NYSE:C shares add +5.25% on Tuesday, break through multi week highs, with possible further recovery to multi year top $80 level.
NYSE:C
by Pandorra
Over-speculated Patterns Heading Into Earnings SeasonNYSE:JPM is the last Bank that has been able to hold onto its Dow 30 component status. It is running up on a combination of buybacks and ETF development for Dow 30 index components. The stock is over-speculated heading into the earnings season. Volume Oscillators show the extreme pattern clearly. So even minimal weakness in the earnings report could cause an HFT trigger. It might surprise either way. Some of its growth in 2023 was due to the regional bank debacle when JPM chose certain small banks to target for a silent hostile takeover.
NYSE:JPM
by MarthaStokesCMT-TechniTrader
Bank of America (BAC) Stock: Breaking Out, Fibonacci DynamicsAnalyzing BAC Stock: Navigating Breakouts and Fibonacci Dynamics Introduction: Bank of America Corporation (BAC) has seized investor attention with its recent breakout from a falling wedge pattern on October 27, 2023. As we delve into the details, this analysis aims to provide insights into the stock's recent performance and chart the potential trajectory based on technical indicators. Breakout from Falling Wedge: The breakout from the falling wedge pattern marked a significant turning point for BAC stock on October 27, 2023. This event initiated a gradual yet dominant push, propelling the stock towards the 0.5 Fibonacci retracement level from the bottom wick of the lowest candle in the 9-hour timeframe. Fibonacci Retracement Analysis: In the weekly chart analysis, BAC is yet to approach the 0.618 Fibonacci retracement zone. This critical zone is anticipated to be a pivotal level, potentially triggering a significant correction towards the falling wedge resistance around $28.90. The Fibonacci dynamics serve as a roadmap, guiding traders through the intricacies of BAC's price movements. Short-Term Bearish Outlook: For the short term, a bearish stance is maintained as we anticipate the completion of a double top pattern. This pattern suggests a potential reversal, aligning with our analysis of the Fibonacci retracement zones. The completion of the double top pattern is considered a crucial phase before the stock advances further, adding a layer of caution to our near-term outlook. Conclusion: In conclusion, Bank of America Corporation's recent breakout from the falling wedge pattern has set the stage for an intriguing journey. The Fibonacci retracement analysis reveals key levels, with the 0.618 zone acting as a potential catalyst for a significant correction. As we remain short-term bearish, the completion of the double top pattern becomes a pivotal event, shaping the narrative for BAC stock's future movements. Traders are advised to stay vigilant, closely monitoring these technical indicators to navigate the dynamic landscape of Bank of America Corporation's stock performance.
NYSE:BACShort
by wikitrades
JP MORGAN Approaching the ideal sell level.JP Morgan Chase (JPM) has been trading within a Channel Up pattern since the October 12 2022 market bottom. Currently it is on a relentless rally since the October 27 2023 Higher Low, which is technically the Bullish Leg towards the Channel's top and new Higher High. The peak points of the previous two main Bullish Legs of the Channel Up, took place when the 1D RSI formed Lower Highs against the price's Higher Highs, which is a technical Bearish Divergence. Since the price is currently so close to the top of the Channel Up, we will wait for the RSI to form that Lower High sequence and enter a confirmed sell. Our target will be 163.00, which is a projected contact with the 1D MA50 (blue trend-line) and the 0.382 Fibonacci Channel level, which has always been reached during Bearish Legs. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
NYSE:JPM
by TradingShot